Vancouver, British Columbia (FSCwire) - Barksdale Capital Corp. (TSX-V: BRO) (“Barksdale” or the “Company”) announces that it has entered into a definitive option agreement with MinQuest, Ltd. and Allegiant Gold (U.S.) Ltd., a wholly-owned subsidiary of Allegiant Gold Ltd. (TSXV: AUAU) (together “Allegiant”) to acquire a 100% undivided interest in the Four Metals property (“Four Metals”) located in Santa Cruz County, Arizona as initially announced on March 1, 2018.
Four Metals consists of a contiguous block of 40 unpatented lode claims (760 acres) strategically located approximately 3km south of the Company’s Sunnyside project within the Patagonia Mountains of Arizona. Previous underground and surface exploration drilling on 4 Metals has outlined a copper-molybdenum deposit, hosted within a mineralized breccia pipe, which has been tested from surface to approximately 180 meters depth and remains open in multiple directions.
To exercise the option, Barksdale must make option payments totaling US$450,000 (the “Option Payments”) to the MinQuest Ltd. and Allegiant on a 50/50 basis, in cash and common shares of Barksdale (based on the market price of the Company’s shares at the time of issue) over a period of five years as follows:
|Date||Total Option Payment Due||Portion of Option Payment Payable in Cash||Portion of Option Payment Payable in Shares|
|Upon execution Option Agreement (paid)||US$25,000||US$25,000||N/A|
|First anniversary of Option Agreement||US$50,000||US$25,000||US$25,000|
|Second anniversary of Option Agreement||US$50,000||US$25,000||US$25,000|
|Third anniversary of Option Agreement||US$50,000||US$25,000||US$25,000|
|Fourth anniversary of Option Agreement||US$50,000||US$25,000||US$25,000|
|Fifth anniversary of Option Agreement||US$225,000||US$100,000||US$125,000|
In addition, Barksdale has reimbursed the optionors for certain 2017/2018 land holding costs on Four Metals totaling US$6,215.
The Company also announces the granting of a stock option to a director to purchase up to 100,000 common shares of the Company at a price of $0.79 per share exercisable for a period of five years.
Lewis Teal, Barksdale’s project manager and a “qualified person” as defined by NI 43-101, Standards of Disclosure for Mineral Projects is responsible for approving the scientific and technical information regarding Four Metals contained in this news release.
ABOUT BARKSDALE CAPITAL CORP. – Barksdale Capital Corp. is focused on the acquisition and exploration of highly prospective precious and base metal projects in the United States.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
On behalf of the Board of Directors of Barksdale Capital Corp.,
President and Chief Executive Officer
FOR FURTHER INFORMATION PLEASE CONTACT:
Rick Trotman, President and Chief Executive Officer
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” under applicable Canadian securities legislation including, but not limited to, the Company’s plans for Four Metals. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.